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On Fri, 9 May 2008, Vern Green wrote:
Mike Miller wrote:
Your understanding would be helped greatly by a better memory. Maybe
my ideas are too subtle for you. I never said that no one should make
$3.5 million / year. I would say that the tax rate should be high at
that level and it should increase to 90%, maybe more, after somewhere
around $10 million / year.
Ok, that makes a lot of sense, tax 10 million in income at 90%, that
means I keep a million of it and the rest goes to the government.
No, it would be the money beyond $10 million that gets taxed at 90%.
The thing that really bothers me is when someone makes $3.7 billion in
a single year and pays no more than about 35% in federal income tax
(yes, that did happen in 2007). If his income could be considered
capital gains, he would only pay 15% federal income tax on it -- much
less than what we pay. We should seek to limit the power and influence
of the super-rich. They do not have our best interests in mind and
they will influence policy to their personal benefit.
Kind of like Edwards eh? We should put in a law that says that you
cannot have made more than $1 million dollars in your lifetime in order
to run for public office, that would surely limit the power and
influence of the super rich.
I don't see how. Then all politicians would be much poorer than the
super-rich who seek to manipulate them.
Mike
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